Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Please note that all times are shown in the time zone of the conference. The current conference time is: 21st Sept 2023, 06:08:15am CDT

 
 
Session Overview
Date: Monday, 22/May/2023
4:00pm
-
6:00pm
Welcome Reception
Location: AT&T Hotel Conference Center/Hotel Interior Courtyard

(Weather back-up location: Tejas Conference Dining Room)

Date: Tuesday, 23/May/2023
8:30am
-
3:00pm
Registration
Location: Rowling Hall Atrium

Visit the registration desk to pick up your name badge.

9:00am
-
9:45am
Track T1-1: Corporate Finance
Location: RRH 3.310
Chair: Hui Chen, MIT
Chair: Juliane Begenau, Stanford University
Discussant: Juliane Begenau, Stanford University
 

Preparing for the Storm: Firm Policies and Recession Risk

Ali Kakhbod1, Dmitry Livdan1, Max Reppen2, Tarik Umar3

1: UC Berkeley; 2: Boston University; 3: Rice University

Track T2-1: Government Debt, Monetary Policy and the Term Structure
Location: RRH 3.402
Chair: Marco Grotteria, London Business School
Discussant: Gonzalo Morales, Bank of Canada
 

Government Debt Management and Inflation with Real and Nominal Debt

Lukas Schmid1, Vytautas Valaitis2, Alessandro Villa3

1: USC Marshall School of Business; 2: University of Surrey; 3: Federal Reserve Bank of Chicago

Track T3-1: ESG (1)
Location: RRH 3.406
Chair: Shaojun Zhang, Ohio State University
Discussant: Bellon Aymeric, UNC Kenan-Flagler Business School
 

How Does ESG Shape Consumption?

Joel Houston1, Chen Lin2, Hongyu Shan3, Mo Shen4

1: University of Florida; 2: University of Hong Kong; 3: China Europe International Business School; 4: Auburn University

Track T4-1: Consumer Finance
Location: RRH 3.414
Chair: Christopher Palmer, MIT
Discussant: David Hao Zhang, Rice University
 

Who Pays For Your Rewards? Redistribution in the Credit Card Market

Sumit Agarwal1, Andrea Presbitero2, Andre F. Silva3, Carlo Wix3

1: National University of Singapore; 2: International Monetary Fund and CEPR; 3: Federal Reserve Board

Track T5-1: Mutual Funds
Location: RRH 4.314
Chair: Clemens Sialm, University of Texas Austin
Discussant: Yao Zeng, University of Pennsylvania
 

The Economics of Mutual Fund Marketing

Jane Chen1, Wenxi Jiang2, Mindy Z. Xiaolan3

1: Department of Finance, London School of Economics; 2: CUHK Business School, The Chinese University of Hong Kong; 3: McCombs School of Business, the University of Texas at Austin

Track T6-1: Market Power and Financial Intermediation
Location: RRH 4.408
Chair: Erica Jiang, University of Southern California
Chair: Jinyuan Zhang, UCLA
Discussant: Yi Li, Federal Reserve Board
 

Regulating Clearing in Networks

Pablo D'Erasmo2, Selman Erol1, Guillermo Ordoñez3

1: Carnegie Mellon University - Tepper School of Business; 2: Federal Reserve Bank of Philadelphia; 3: University of Pennsylvania and NBER

Track T7-1: Entrepreneurship and Innovations
Location: RRH 4.416
Chair: Adrien Matray, Princeton University
Discussant: Ia Vardishvili, Auburn University
 

Declining Business Formation and the Rise of Superstar Firms

Victor Lyonnet1, Jack Liebersohn2

1: Ohio State University; 2: University of California at Irvine

Track T8-1: Bubbles and Expectations
Location: RRH 5.402
Chair: Lawrence Jin, Cornell University
Discussant: Yong Wook (Spencer) Kwon, Harvard University
 

Investor Memory and Biased Beliefs: Evidence from the Field

Zhengyang Jiang1, Hongqi Liu2, Cameron Peng3, Hongjun Yan4

1: Northwestern Kellogg; 2: CUHK Shenzhen; 3: LSE; 4: Depaul

Track T9-1: Real Estate and Default
Location: RRH 5.408
Chair: Caitlin Gorback, U Texas
Discussant: Brittany Lewis, Olin School of Business,Washington University - St. Louis
 

The Demand for Long-Term Mortgage Contracts and the Role of Collateral

Lu Liu

University of Pennsylvania

9:45am
-
10:15am
Break
10:15am
-
11:00am
Track T1-2: Corporate Finance
Location: RRH 3.310
Chair: Hui Chen, MIT
Chair: Juliane Begenau, Stanford University
Discussant: Michael Sockin, UT Austin
 

Market Feedback: Evidence from the Horse’s Mouth

Itay Goldstein1, Bibo Liu2, Liyan Yang3

1: University of Pennsylvania; 2: Tsinghua University; 3: University of Toronto

Track T2-2: Government Debt, Monetary Policy and the Term Structure
Location: RRH 3.402
Chair: Marco Grotteria, London Business School
Discussant: Sebastian Hillenbrand, Harvard Business School
 

What do Bond Investors Learn from Macroeconomic News?

Bruno Feunou2, Jean-Sebastien Fontaine2, Guillaume Roussellet1

1: McGill University -- Desautels Faculty of Management; 2: Bank of Canada

Track T3-2: ESG (1)
Location: RRH 3.406
Chair: Shaojun Zhang, Ohio State University
Discussant: Alessandro Melone, The Ohio State University
 

The Cost of ESG Investing

Laura Lindsey, Seth Pruitt, Christoph Schiller

Arizona State University

Track T4-2: Consumer Finance
Location: RRH 3.414
Chair: Christopher Palmer, MIT
Discussant: Sheisha Kulkarni, McIntire School of Commerce UVA
 

The Supply and Demand for Data Privacy: Evidence from Mobile Apps

Bo Bian1, Xinchen Ma2, Huan Tang3

1: University of British Columbia; 2: London School of Economics; 3: London School of Economics; CEPR

Track T5-2: Mutual Funds
Location: RRH 4.314
Chair: Clemens Sialm, University of Texas Austin
Discussant: Qifei Zhu, Nanyang Technological University
 

Return Expectations and Portfolios: Evidence from Large Asset Managers

Magnus Dahlquist1, Markus Ibert2

1: Stockholm School of Economics; 2: Copenhagen Business School

Track T6-2: Market Power and Financial Intermediation
Location: RRH 4.408
Chair: Erica Jiang, University of Southern California
Chair: Jinyuan Zhang, UCLA
Discussant: Sergei Glebkin, INSEAD
 

Market Power in the Securities Lending Market

Shuaiyu Chen2, Ron Kaniel1, Christian Opp1

1: University of Rochester; 2: Purdue University

Track T7-2: Entrepreneurship and Innovations
Location: RRH 4.416
Chair: Adrien Matray, Princeton University
Discussant: Ruben Gaetani, University of Toronto
 

Human Capital Reallocation and Agglomeration of Innovation: Evidence from Technological Breakthroughs

Jing Xue

University of Maryland

Track T8-2: Bubbles and Expectations
Location: RRH 5.402
Chair: Lawrence Jin, Cornell University
Discussant: Jiacui Li, David Eccles School of Business, University of Utah
 

What Drives Stock Prices in a Bubble?

Shushu Liang

Harvard University

Track T9-2: Real Estate and Default
Location: RRH 5.408
Chair: Caitlin Gorback, U Texas
Discussant: Lee Seltzer, Federal Reserve Bank of New York
 

Who bears flood risk? Evidence from mortgage markets in Florida

Parinitha Rajalakshmi Sastry

Columbia Business School

11:00am
-
11:15am
Break
11:15am
-
12:00pm
Track T1-3: Corporate Finance
Location: RRH 3.310
Chair: Hui Chen, MIT
Chair: Juliane Begenau, Stanford University
Discussant: Erik Loualiche, University of Minnesota
 

Oligopoly dynamics with financing frictions

Ulrich Doraszelski, Joao Gomes, Felix Nockher

The Wharton School

Track T2-3: Government Debt, Monetary Policy and the Term Structure
Location: RRH 3.402
Chair: Marco Grotteria, London Business School
Discussant: Toomas Laarits, NYU Stern School of Business
 

Intermediary Balance Sheets and the Treasury Yield Curve

Wenxin Du1, Benjamin Hebert2, Wenhao Li3

1: University of Chicago; 2: Stanford University; 3: University of Southern California

Track T3-3: ESG (1)
Location: RRH 3.406
Chair: Shaojun Zhang, Ohio State University
Discussant: Maria Bustamante, University of Maryland
 

Socially Responsible Divestment

Alex Edmans1, Doron Levit2, Jan Schneemeier3

1: London Business School; 2: University of Washington; 3: Indiana University

Track T4-3: Consumer Finance
Location: RRH 3.414
Chair: Christopher Palmer, MIT
Discussant: Darren Aiello, BYU Marriott
 

Bank Technology Adoption and Loan Production in the U.S. Mortgage Market

Sheila Jiang1, Jose Ignacio Cuesta2, Douglas Xu1, Adam Jorring3

1: University of Florida; 2: Stanford University; 3: Boston College

Track T5-3: Mutual Funds
Location: RRH 4.314
Chair: Clemens Sialm, University of Texas Austin
Discussant: Nancy Xu, Boston College
 

Global Fund Flows and Emerging Market Tail Risk

Karlye Dilts Stedman1, Anusha Chari2, Christian Lundblad3

1: Federal Reserve Bank of Kansas City; 2: University of North Carolina at Chapel Hill; NBER; CEPR; 3: University of North Carolina at Chapel Hill

Track T6-3: Market Power and Financial Intermediation
Location: RRH 4.408
Chair: Erica Jiang, University of Southern California
Chair: Jinyuan Zhang, UCLA
Discussant: Amy Huber, Wharton
 

Intermediary Market Power and Capital Constraints

Milena Wittwer1, Jason Allen2

1: Boston College; 2: Bank of Canada

Track T7-3: Entrepreneurship and Innovations
Location: RRH 4.416
Chair: Adrien Matray, Princeton University
Discussant: Kim Fe Cramer, LSE
 

Safety Nets, Credit, and Investment: Evidence from a Guaranteed Income Program

Pulak Ghosh2, Nishant Vats1

1: University of Chicago Booth School of Business; 2: Indian Institute of Management Bangalore

Track T8-3: Bubbles and Expectations
Location: RRH 5.402
Chair: Lawrence Jin, Cornell University
Discussant: Indira Puri, MIT
 

Psychological Distance and Subjective Beliefs

Harjoat Singh Bhamra1, Raman Uppal2, Johan Walden3

1: Imperial College Business School; 2: EDHEC; 3: UC Berkeley, Haas

Track T9-3: Real Estate and Default
Location: RRH 5.408
Chair: Caitlin Gorback, U Texas
Discussant: Tess Scharlemann, Federal Reserve Board of Governors
 

Forbearance vs. Interest Rates: Experimental Tests of Liquidity and Strategic Default Triggers

Deniz Aydın

WashU

12:00pm
-
1:30pm
Lunch with SFS Annual Meeting & Presentation of Journal Awards
Location: Zlotnik Ballroom
1:30pm
-
2:15pm
Track T1-4: Corporate Finance
Location: RRH 3.310
Chair: Hui Chen, MIT
Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania
Discussant: Daniel Carvalho, Kelley School of Business, Indiana University
 

Financial Integration through Production Networks

Indraneel Chakraborty1, Saketh Chityala2, Apoorva Javadekar3, Rodney Ramcharan4

1: University of Miami; 2: University of Colorado, Boulder; 3: Indian School of Business; 4: University of Southern California

Track T2-4: Government Debt, Monetary Policy and the Term Structure
Location: RRH 3.402
Chair: Marco Grotteria, London Business School
Discussant: Pablo Ottonello, Michigan
 

Monetary Policy and the Maturity Structure of Public Debt

Michele Andreolli

Boston College

Track T3-4: ESG (1)
Location: RRH 3.406
Chair: Shaojun Zhang, Ohio State University
Discussant: Emirhan İlhan, NUS Business School
 

Green Investors and Green Transition Efforts: Talk the Talk or Walk the Walk?

Shuang Chen

Swiss Finance Institute and Università della Svizzera italiana

Track T4-4: Consumer Finance
Location: RRH 3.414
Chair: Christopher Palmer, MIT
Discussant: Tyler Ransom, University of Oklahoma
 

Financial Frictions and Human Capital Investments

Menaka Hampole

Northwestern University

Track T5-4: Mutual Funds
Location: RRH 4.314
Chair: Clemens Sialm, University of Texas Austin
Discussant: Kumar Venkataraman, Southern Methodist University
 

Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns

Marco Di Maggio1, Francesco Franzoni2, Shimon Kogan3, Ran Xing4

1: Harvard Business School; 2: USI Lugano; 3: Reichman University and The Wharton School; 4: Stockholm University

Track T6-4: Market Power and Financial Intermediation
Location: RRH 4.408
Chair: Erica Jiang, University of Southern California
Chair: Jinyuan Zhang, UCLA
Discussant: Daniel Green, HBS
 

Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms?

Kunal Sachdeva1, André Silva2, Pablo Slutzky3, Billy Xu1

1: Jesse H. Jones Graduate School of Business, Rice University; 2: Board of Governors of the Federal Reserve System; 3: Robert H. Smith School of Business, University of Maryland

Track T7-4: Entrepreneurship and Innovations
Location: RRH 4.416
Chair: Adrien Matray, Princeton University
Discussant: Xiaofei Zhao, Georgetown University McDonough School of Business
 

Entrepreneurs’ Diversification And Labor Income Risk

Jan Bena1, Andrew Ellul2, Marco Pagano3, Valentina Rutigliano1

1: University of British Columbia; 2: Indiana University; 3: University of Naples

Track T8-4: Bubbles and Expectations
Location: RRH 5.402
Chair: Lawrence Jin, Cornell University
Discussant: Paul Fontanier, Yale SOM
 

Model-Free Mispricing Factors

Lars A. Lochstoer1, Paul C. Tetlock2

1: UCLA; 2: Columbia Business School

Track T9-4: Real Estate and Default
Location: RRH 5.408
Chair: Caitlin Gorback, U Texas
Discussant: Cameron LaPoint, Yale School of Management
 

Printing Away the Mortgages: Fiscal Inflation and the Post-Covid Housing Boom

William Diamond1, Tim Landvoigt2, German Sanchez Sanchez1

1: University of Pennsylvania; 2: University of Pennsylvania and NBER

2:15pm
-
2:35pm
Break
2:35pm
-
3:20pm
Track T1-5: Corporate Finance
Location: RRH 3.310
Chair: Hui Chen, MIT
Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania
Discussant: Winston Wei Dou, The Wharton School at University of Pennsylvania
 

Appropriated Growth

Yuchen Chen1, Xuelin Li2, Richard Thakor1, Colin Ward1

1: University of Minnesota; 2: University of South Carolina

Track T2-5: Government Debt, Monetary Policy and the Term Structure
Location: RRH 3.402
Chair: Marco Grotteria, London Business School
Discussant: Wenhao Li, University of Southern California
 

Risk-Free Rates and Convenience Yields Around the World

William Diamond1, Peter Van Tassel2

1: University of Pennsylvania; 2: Federal Reserve Bank of New York

Track T3-5: ESG (1)
Location: RRH 3.406
Chair: Shaojun Zhang, Ohio State University
Discussant: Sehoon Kim, University of Florida
 

Do Carbon Prices Affect Stock Returns?

Patrick Bolton1,2,3, Adrian Lam4, Mirabelle Muuls2,5

1: Imperial College London; 2: CEPR; 3: NBER; 4: University of Amsterdam; 5: NBB

Track T4-5: Consumer Finance
Location: RRH 3.414
Chair: Christopher Palmer, MIT
Discussant: Jose Maria Barrero, ITAM
 

Measuring the Impact of Remote Work Using Big Data

Alan Kwan1, Ben Matthies2

1: University of Hong Kong; 2: University of Notre Dame

Track T5-5: Mutual Funds
Location: RRH 4.314
Chair: Clemens Sialm, University of Texas Austin
Discussant: Juliane Begenau, Stanford University
 

Choosing Pension Fund Investment Consultants

Irina Stefanescu1, Aleksandar Andonov2,3, Matteo Bonetti4

1: Board of Governors of the Federal Reserve System; 2: University of Amsterdam; 3: CEPR; 4: De Nederlandsche Bank

Track T6-5: Market Power and Financial Intermediation
Location: RRH 4.408
Chair: Erica Jiang, University of Southern California
Chair: Jinyuan Zhang, UCLA
Discussant: Milena Wittwer, Boston College
 

The Limits of Multi-Dealer Platforms

Chaojun Wang

The Wharton School, University of Pennsylvania

Track T7-5: Entrepreneurship and Innovations
Location: RRH 4.416
Chair: Adrien Matray, Princeton University
Discussant: Max Miller, The Wharton School
 

Market Integration, Risk-Taking, and Income Inequality

Lin William Cong1, Ron Kaniel2, Yizhou Xiao3

1: Cornell University; 2: University of Rochester; 3: The Chinese University of Hong Kong

Track T8-5: Bubbles and Expectations
Location: RRH 5.402
Chair: Lawrence Jin, Cornell University
Discussant: Xing Huang, Washington University in St. Louis
 

Memory Moves Markets

Constantin Charles

University of Southern California

Track T9-5: Real Estate and Default
Location: RRH 5.408
Chair: Caitlin Gorback, U Texas
Discussant: W Ben McCartney, UVA
 

Political Voice and (Mortgage) Market Participation: Evidence from Minority Disenfranchisement

Seongjin Park1, Arkodipta Sarkar2, Nishant Vats1

1: Booth School of Business, University of Chicago; 2: National University of Singapore

3:20pm
-
3:30pm
Break
3:30pm
-
4:15pm
RAPS & RCFS Keynote
Location: RRH 1.400

"The Rise of Credit Policy" by Deborah Lucas (MIT Sloan School of Management)

4:15pm
-
6:00pm
Reception
Location: Rowling Hall Plaza

(Weather back-up location: Zlotnik Ballroom pre-function area)

Date: Wednesday, 24/May/2023
8:30am
-
3:00pm
Registration
Location: Rowling Hall Atrium

Visit the registration desk to pick up your name badge.

9:00am
-
9:45am
Track W1-1: Fund Flows, Asset Demand and Asset Prices
Location: RRH 3.310
Chair: Yao Zeng, University of Pennsylvania
Discussant: Kerry Siani, MIT
 

Is Asset Demand Elasticity Set at the Household or Intermediary Level?

Ehsan Azarmsa1, Carter Davis2

1: University of Oklahoma, Price College of Business; 2: Indiana University, Kelly School of Business

Track W2-1: Finance, Technology and FinTech
Location: RRH 3.402
Chair: Michael Sockin, UT Austin
Discussant: Jiasun Li, George Mason University
 

Cryptocurrency Investing: Stimulus Checks and Inflation Expectations

Darren Aiello2, Scott Baker3, Tetyana Balyuk4, Marco Di Maggio1, Mark J. Johnson2, Jason Kotter2

1: Harvard Business School; 2: Brigham Young University; 3: Northwestern University; 4: Emory University

Track W3-1: Capital Structure
Location: RRH 3.406
Chair: Effi Benmelech, Northwestern University
Discussant: Michael Fishman, Kellogg School of Management, Northwestern University
 

Can information imprecision be valuable? The case of credit ratings

Sonny Biswas1, Kostas Koufopoulos2, Anjan Thakor3

1: University of Bristol Business School; 2: Department of Economics and Related Studies, University of York; 3: Olin Business School, Washington University in St. Louis

Track W4-1: Stocks, Bonds, and the Macroeconomy
Location: RRH 3.414
Chair: Greg Duffee, Johns Hopkins
Discussant: Alex Hsu, Georgia Institute of Technology
 

Risky Business Cycles

Susanto Basu1, Giacomo Candian2, Ryan Chahrour3, Rosen Valchev1

1: Boston College; 2: HEC Montreal; 3: Cornell University

Track W5-1: ESG (2)
Location: RRH 4.314
Chair: Andrew Koch, U Pitt
Discussant: Matthew Gustafson, Pennsylvania State University
 

Investments that Make our Homes Greener: The Role of Regulation

Lakshmi Naaraayanan3, Joao Cocco2, Nuno Clara1, Varun Sharma4

1: Duke University; 2: London Business School and CEPR; 3: London Business School; 4: Nanyang Technological University

Track W6-1: Governance
Location: RRH 4.408
Chair: Katharina Lewellen, Dartmouth
Chair: Tracy Yue Wang, Carlson School
Discussant: Ian Appel, Darden
 

CLASSIFIED BOARDS: ENDANGERED SPECIES OR HIDING IN PLAIN SIGHT?

Tingting Liu1, Scott Guernsey2, Feng Guo1, Matthew Serfling2

1: Iowa State University; 2: University of Tennessee

Track W7-1: Pricing Kernels, Options, and Crashes
Location: RRH 4.416
Chair: Anisha Ghosh, McGill
Discussant: Kris Jacobs, Bauer College of Business
 

Horizon Effects in the Pricing Kernel: How Investors Price Short-term versus Long-term Risks

Joost Driessen1, Joren Koëter2, Ole Wilms1

1: Tilburg University; 2: Rotterdam School of Management, Erasmus University

Track W8-1: Information
Location: RRH 5.402
Chair: Liyan Yang, University of Toronto
Chair: Sang Byung Seo, University of Wisconsin-Madison
 

The Pre-FOMC Announcement Drift and Private Information: Kyle Meets Macro-Finance

Chao Ying

CUHK Finance

Track W9-1: Banking
Location: RRH 5.408
Chair: Janet Ruoran Gao, Georgetown University
Chair: Elena Loutskina, UVA
Discussant: Zhiguo He, Chicago Booth
 

Systemic Risk in Financial Networks Revisited: The Role of Maturity

Jason Roderick Donaldson1, Giorgia Piacentino2, Xiaobo Yu3

1: WashU and USC; 2: Columbia and USC; 3: Columbia

9:45am
-
10:15am
Break
10:15am
-
11:00am
Track W1-2: Fund Flows, Asset Demand and Asset Prices
Location: RRH 3.310
Chair: Yao Zeng, University of Pennsylvania
Discussant: Caitlin Dannhauser, Villanova
 

The Disappearing Index Effect

Robin Greenwood, Marco Sammon

Harvard Business School

Track W2-2: Finance, Technology and FinTech
Location: RRH 3.402
Chair: Michael Sockin, UT Austin
Discussant: Amin Shams, Ohio State University
 

Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem

William Lin Cong1, Ke Tang2, Yanxin Wang3, Xi Zhao3

1: Cornell University SC Johnson College of Business and NBER; 2: Institute of Economics, School of Social Science, Tsinghua University; 3: School of Management, Xi'an Jiaotong University

Track W3-2: Capital Structure
Location: RRH 3.406
Chair: Effi Benmelech, Northwestern University
Discussant: Jason Roderick Donaldson, Washington University in St Louis
 

When Is (Performance-Sensitive) Debt Optimal?

Pierre Chaigneau1, Alex Edmans2, Daniel Gottlieb3

1: Queen's University; 2: LBS; 3: LSE

Track W4-2: Stocks, Bonds, and the Macroeconomy
Location: RRH 3.414
Chair: Greg Duffee, Johns Hopkins
Discussant: Anh Le, Penn State
 

Pricing and Constructing International Government Bond Portfolios

Otto Randl, Giorgia Simion, Josef Zechner

WU Vienna University of Economics and Business

Track W5-2: ESG (2)
Location: RRH 4.314
Chair: Andrew Koch, U Pitt
Discussant: Ed Van Wesep, University of Colorado Boulder
 

Corporate Social Responsibility and Employee Retention

Xiao Cen1, Yue Qiu2, Tracy Wang3

1: Texas A&M University; 2: Temple University; 3: University of Minnesota

Track W6-2: Governance
Location: RRH 4.408
Chair: Katharina Lewellen, Dartmouth
Chair: Tracy Yue Wang, Carlson School
Discussant: Jonathan Cohn, University of Texas-Austin
 

Board Interlocks, Knowledge Spillovers, and Corporate Innovation

Joanna Wang1, Mark Chen1, Sophia Hu2, Qinxi Wu2

1: Georgia State University; 2: Baylor University

Track W7-2: Pricing Kernels, Options, and Crashes
Location: RRH 4.416
Chair: Anisha Ghosh, McGill
Discussant: Gurdip Bakshi, Department of Finance, Fox School of Business, Temple Univeristy
 

Risk preferences implied by synthetic options

Ian Dew-Becker1, Stefano Giglio2

1: Northwestern University; 2: Yale University

Track W8-2: Information
Location: RRH 5.402
Chair: Liyan Yang, University of Toronto
Chair: Brian Waters, University of Colorado, Boulder
 

Time Trumps Quantity in the Market for Lemons

William Fuchs1, Piero Gottardi2, Humberto Moreira3

1: UT Austin / UC3M; 2: University of Essex; 3: FGV

Track W9-2: Banking
Location: RRH 5.408
Chair: Janet Ruoran Gao, Georgetown University
Chair: Elena Loutskina, UVA
Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago
 

Bank Funding Risk, Reference Rates, and Credit Supply

Harry Cooperman1, Darrell Duffie1, Stephan Luck2, Zachry Wang1, Yilin David Yang3

1: Stanford; 2: Federal Reserve Bank of New York; 3: City University of Hong Kong

11:00am
-
11:15am
Break
11:15am
-
12:00pm
Track W1-3: Fund Flows, Asset Demand and Asset Prices
Location: RRH 3.310
Chair: Yao Zeng, University of Pennsylvania
Discussant: Sylvain Catherine, University of Pennsylvania
 

Asset Demand of U.S. Households

Ralph Koijen1, Xavier Gabaix2, Federico Mainardi1, Sangmin Oh1, Motohiro Yogo3

1: Chicago Booth; 2: Harvard University; 3: Princeton University

Track W2-3: Finance, Technology and FinTech
Location: RRH 3.402
Chair: Michael Sockin, UT Austin
Discussant: Thomas Rivera, McGill University
 

Automated Market Making and Loss-Versus-Rebalancing

Jason Milionis1, Ciamac C. Moallemi1, Tim Roughgarden2, Anthony Lee Zhang3

1: Columbia University; 2: Columbia University Graduate School of Business; 3: University of Chicago Booth School of Business

Track W3-3: Capital Structure
Location: RRH 3.406
Chair: Effi Benmelech, Northwestern University
Discussant: Adriano Rampini, Duke University
 

Debt Maturity Management

Yunzhi Hu1, Felipe Varas2, Chao Ying3

1: UNC; 2: DUKE; 3: CUHK Finance

Track W4-3: Stocks, Bonds, and the Macroeconomy
Location: RRH 3.414
Chair: Greg Duffee, Johns Hopkins
Discussant: Martin Lettau, UC Berkeley
 

The Co-movement Puzzle

Dmitry Kuvshinov

Universitat Pompeu Fabra

Track W5-3: ESG (2)
Location: RRH 4.314
Chair: Andrew Koch, U Pitt
Discussant: Dmitriy Muravyev, Michigan State University
 

Unlocking ESG Premium from Options

Jie Cao1, Amit Goyal2, Xintong Zhan3, Weiming Zhang4

1: The Hong Kong Polytechnic University; 2: University of Lausanne and Swiss Finance Institute; 3: Fudan University; 4: IE University

Track W6-3: Governance
Location: RRH 4.408
Chair: Katharina Lewellen, Dartmouth
Chair: Tracy Yue Wang, Carlson School
Discussant: Vyacheslav Fos, Boston College
 

The Rise of Anti-Activist Poison Pills

Ofer Eldar1, Tanja Kirmse2, Michael Wittry3

1: Duke University; 2: Drexel University; 3: Ohio State University

Track W7-3: Pricing Kernels, Options, and Crashes
Location: RRH 4.416
Chair: Anisha Ghosh, McGill
Discussant: Ivan Shaliastovich, University of Wisconsin Madison
 

Measuring Time-Varying Disaster Risk: An Empirical Analysis of Dark Matter in Asset Prices

Matthew Baron1, Wei Xiong2, Zhijiang Ye2

1: Cornell University; 2: Princeton University

Track W8-3: Information
Location: RRH 5.402
Chair: Liyan Yang, University of Toronto
Chair: Jesse Davis, University of North Carolina - Chapel Hill
 

The Market for ESG Ratings

Ehsan Azarmsa1, Joel Shapiro2

1: University of Oklahoma, Price College of Business; 2: University of Oxford, Said Business School

Track W9-3: Banking
Location: RRH 5.408
Chair: Janet Ruoran Gao, Georgetown University
Chair: Elena Loutskina, UVA
Discussant: Daniel Weagley, Georgia Institute of Technology
 

Disclosure of Bank-Specific Information and the Stability of Financial Systems

Liang Dai1, Dan Luo2, Ming Yang3

1: Shanghai Jiao Tong University; 2: Chinese University of Hong Kong and University of Chicago; 3: UCL

12:00pm
-
1:30pm
Lunch with Keynote by Cavalcade Chair & Presentation of Cavalcade Awards
Location: Zlotnik Ballroom

Presentation by Victoria Ivashina (Harvard Business School)

1:30pm
-
2:15pm
Track W1-4: Fund Flows, Asset Demand and Asset Prices
Location: RRH 3.310
Chair: Yao Zeng, University of Pennsylvania
Discussant: Jaewon Choi, University of Illinois at Urbana-Champaign
 

Capital Concentration of the Bond Fund Industry and Bond Market Fragility

Yong Chen1, Mengqiao Du2, Zheng Sun3

1: Texas A&M University; 2: National University of Singapore; 3: University of California, Irvine

Track W2-4: Finance, Technology and FinTech
Location: RRH 3.402
Chair: Michael Sockin, UT Austin
Discussant: Jing Huang, Texas A&M University
 

Bank Competition amid Digital Disruption: Implications for Financial Inclusion

Jinyuan Zhang1, Erica Jiang2, Gloria Yu3

1: UCLA; 2: USC; 3: Singapore Management School

Track W3-4: Capital Structure
Location: RRH 3.406
Chair: Effi Benmelech, Northwestern University
Discussant: Joao Monteiro, Northwestern University
 

Signalling with Debt Currency Choice

Egemen Eren1, Semyon Malamud2, Haonan Zhou3

1: Bank for International Settlements; 2: EPFL; 3: Princeton

Track W4-4: Stocks, Bonds, and the Macroeconomy
Location: RRH 3.414
Chair: Greg Duffee, Johns Hopkins
Discussant: Redouane Elkamhi, Toronto
 

Investor Betas

Ryan Lewis1, Shrihari Santosh2, Lorenzo Bretscher3

1: University of Colorado; 2: University of Maryland; 3: University of Lausanne

Track W5-4: ESG (2)
Location: RRH 4.314
Chair: Andrew Koch, U Pitt
Discussant: Bruce Carlin, Rice
 

Externalities of Responsible Investments

Alessio Piccolo1, Jan Schneemeier1, Michele Bisceglia2

1: Indiana University, Kelley School of Business; 2: Toulouse School of Economics

Track W6-4: Governance
Location: RRH 4.408
Chair: Katharina Lewellen, Dartmouth
Chair: Tracy Yue Wang, Carlson School
Discussant: Yihui Pan, University of Utah
 

Control Without Ownership: Governance of Nonprofit Hospitals

Katharina Lewellen1, Gordon Phillips2, Giorgo Sertsios3

1: University of Wisconsin Milwaukee; 2: Dartmouth College, Tuck Business School; 3: University of Wisconsin Milwaukee

Track W7-4: Pricing Kernels, Options, and Crashes
Location: RRH 4.416
Chair: Anisha Ghosh, McGill
Discussant: Tobias Sichert, Stockholm School of Economics
 

Option-Implied Spreads and Option Risk Premia

Christopher Culp3, Mihir Gandhi2, Yoshio Nozawa1, Pietro Veronesi2

1: University of Toronto; 2: University of Chcago; 3: John Hopkins Institute for Applied Economics

Track W8-4: Information
Location: RRH 5.402
Chair: Liyan Yang, University of Toronto
Chair: Eduardo Davila, Yale University
 

Valuing Financial Data

Maryam Farboodi1, Dhruv Singal2, Laura Veldkamp3, Venky Venkateswaran4

1: MIT, NBER; 2: Columbia University; 3: Columbia University and NBER; 4: NYU Stern School of Business, Federal Reserve Bank of Minneapolis and NBER

Track W9-4: Banking
Location: RRH 5.408
Chair: Janet Ruoran Gao, Georgetown University
Chair: Elena Loutskina, UVA
Discussant: Jinyuan Zhang, UCLA
 

The Value of Lending Relationships

Andrew Bird1, Michael Hertzel2, Stephen Karolyi3, Thomas Ruchti4

1: Chapman University; 2: Arizona State University; 3: OCC, Dept. of Treasury; 4: OFR, Dept. of Treasury

2:15pm
-
2:35pm
Break
2:35pm
-
3:20pm
Track W1-5: Fund Flows, Asset Demand and Asset Prices
Location: RRH 3.310
Chair: Yao Zeng, University of Pennsylvania
Discussant: Yang Sun, Brandeis University
 

Correlated Demand Shocks and Asset Pricing

Byungwook Kim

The Ohio State University

Track W2-5: Finance, Technology and FinTech
Location: RRH 3.402
Chair: Michael Sockin, UT Austin
Discussant: Quentin Vandeweyer, University of Chicago Booth School of Business
 

Finance in a Time of Disruptive Growth

Nicolae Garleanu1, Stavros Panageas2

1: Washington University, St. Louis; 2: University of California Los Angeles

Track W3-5: Capital Structure
Location: RRH 3.406
Chair: Effi Benmelech, Northwestern University
Discussant: Effi Benmelech, Northwestern University
 

Financing Cycles

Thomas Geelen1,2, Jakub Hajda3, Erwan Morellec4,5,6, Adam Winegar7

1: Copenhagen Business School; 2: Danish Finance Institute; 3: HEC Montreal; 4: EPF Lausanne; 5: Swiss Finance Institute; 6: CEPR; 7: BI Norwegian Business School

Track W4-5: Stocks, Bonds, and the Macroeconomy
Location: RRH 3.414
Chair: Greg Duffee, Johns Hopkins
Discussant: Ali Ozdagli, Federal Reserve Bank of Dallas
 

Equity Term Structure Response to FOMC Announcements

Benjamin Golez1, Ben Matthies2

1: University of Notre Dame; 2: University of Notre Dame

Track W5-5: ESG (2)
Location: RRH 4.314
Chair: Andrew Koch, U Pitt
Discussant: Ryan Lewis, University of Colorado
 

Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress

Viral V Acharya1, Tim Johnson2, Suresh Sundaresan3, Tuomas Tomunen4

1: New York University Stern School of Business, CEPR, ECGI and NBER; 2: University of Illinois Urbana-Champaign; 3: Columbia Business School; 4: Boston College Carroll School of Management

Track W6-5: Governance
Location: RRH 4.408
Chair: Katharina Lewellen, Dartmouth
Chair: Tracy Yue Wang, Carlson School
Discussant: Xiao Cen, Texas A&M University
 

Does Mandating Women on Corporate Boards Backfire?

Bo Bian1, Kai Li1, Jingjing Li2

1: University of British Columbia; 2: University of Virginia

Track W7-5: Pricing Kernels, Options, and Crashes
Location: RRH 4.416
Chair: Anisha Ghosh, McGill
Discussant: Andreas Stathopoulos, UNC Kenan-Flagler Business School
 

Arbitrage Bounds on Cross Currency Options

Pasquale Della Corte1, Roman Kozhan2, Anthony Neuberger3

1: Imperial College London; 2: University of Warwick; 3: City, University of London

Track W8-5: Information
Location: RRH 5.402
Chair: Liyan Yang, University of Toronto
Chair: Will Gornall, UBC Sauder School of Business
 

Open Banking and Customer Data Sharing: Implications for FinTech Borrowers

Rachel J. Nam1,2

1: Goethe University Frankfurt; 2: Leibniz Institute for Financial Research SAFE

Track W9-5: Banking
Location: RRH 5.408
Chair: Janet Ruoran Gao, Georgetown University
Chair: Elena Loutskina, UVA
Discussant: Erik Mayer, Southern Methodist University
 

Gender, performance, and promotion in the labor market for commercial bankers

Marco Ceccarelli1, Chistoph Herpfer2, Steven Ongena3,4,5,6,7

1: Maastricht University; 2: Emory University, Goizueta Business School; 3: University of Zurich; 4: Swiss Finance Institute; 5: KU Leuven; 6: NTNU; 7: CEPR

3:30pm
-
5:30pm
Reception
Location: Rowling Hall Plaza
Date: Thursday, 25/May/2023
8:30am
-
3:00pm
Registration
Location: Rowling Hall Atrium

Visit the registration desk to pick up your name badge.

9:00am
-
9:45am
Track TH1-1: Climate and Health
Location: RRH 3.310
Chair: Doron Levit, University of Washington
Discussant: Claire Celerier, University of Toronto- Rotman School of Management
 

Bank Presence and Health

Kim Fe Cramer

LSE

Track TH2-1: PE and M&A Markets
Location: RRH 3.402
Chair: Will Gornall, UBC Sauder School of Business
Discussant: Oleg Gredil, Tulane
 

Size, returns and value added: Do private equity firms allocate capital according to manager skill?

Reiner Braun1, Nils Dorau1, Tim Jenkinson2, Daniel Urban3

1: Technical University of Munich; 2: Oxford University; 3: Erasmus University Rotterdam

Track TH3-1: Big Data, Short-Selling, and Trading
Location: RRH 3.406
Chair: Martin Lettau, UC Berkeley
Discussant: Andrew Chen, Federal Reserve Board
 

Missing Financial Data

Svetlana Bryzgalova1,5, Sven Lerner2, Martin Lettau3,4,5, Markus Pelger2

1: London Business School; 2: Stanford University; 3: Haas School of Business, Berkeley; 4: NBER; 5: CEPR

Track TH4-1: MacroFinance
Location: RRH 3.414
Chair: Mindy Xiaolan, UT Austin
Discussant: Huan Tang, London School of Economics
 

Data and Welfare in Credit Markets

Mark Jansen1, Fabian Nagel2, Constantine Yannelis2, Anthony Lee Zhang2

1: Utah Eccles School of Business; 2: University of Chicago Booth School of Business

Track TH5-1: Small and Medium-Sized Enterprises (SME)
Location: RRH 4.314
Chair: Daniel Greenwald, NYU Stern
Discussant: Nishant Vats, University of Chicago Booth School of Business
 

Seizing Opportunities: Businesses, Social Capital, and Banks

Vojislav Maksimovic, Sophia Xue, LIU Yang

University of Maryland

Track TH6-1: Cross-Sectional Asset (Mis)Pricing
Location: RRH 4.408
Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania
Discussant: Peter G. Hansen, Purdue University
 

Short Covering

Jesse Blocher1, Xi Dong2, Matthew Ringgenberg3, Pavel Savor4

1: Vanderbilt University; 2: Baruch College, CUNY; 3: University of Utah; 4: DePaul University

Track TH7-1: Market Structure
Location: RRH 4.416
Chair: Travis Johnson, The University of Texas at Austin
Discussant: Alberto Teguia, University of British Columbia
 

Would Order-By-Order Auctions Be Competitive?

Thomas Ernst1, Chester Spatt2, Jian Sun3

1: University of Maryland; 2: Carnegie Mellon University; 3: Singapore Management University

Track TH8-1: Financial Frictions
Location: RRH 5.402
Chair: John Griffin, McCombs School of Business
Chair: Sam Kruger, University of Texas at Austin
Discussant: Daniel Neuhann, University of Texas at Austin
 

Financing Infrastructure in the Shadow of Expropriation

Viral Acharya1, Cecilia Parlatore1, Suresh Sundaresan2

1: New York University; 2: Columbia University

Track TH9-1: International Asset Pricing
Location: RRH 5.408
Chair: Juliana Salomao, University of Minnesota
Discussant: Federico Gavazzoni, BI Norwegian Business School
 

International Arbitrage Premia

Mirela Sandulescu1, Paul Schneider2

1: University of Michigan; 2: USI Lugano & SFI

9:45am
-
10:15am
Break
10:15am
-
11:00am
Track TH1-2: Climate and Health
Location: RRH 3.310
Chair: Doron Levit, University of Washington
Discussant: Tuomas Tomunen, Boston College Carroll School of Management
 

When Green Investors Are Green Consumers

Maxime Sauzet1, Olivier David Zerbib2

1: Boston University; 2: EDHEC Business School

Track TH2-2: PE and M&A Markets
Location: RRH 3.402
Chair: Will Gornall, UBC Sauder School of Business
Discussant: Minmo Gahng, University of Florida
 

The Value of Privacy and the Choice of Limited Partners by Venture Capitalists

Rustam Abuzov1, Will Gornall2, Ilya Strebulaev3

1: University of Virginia; 2: University of British Columbia; 3: Graduate School of Business, Stanford University

Track TH3-2: Big Data, Short-Selling, and Trading
Location: RRH 3.406
Chair: Martin Lettau, UC Berkeley
Discussant: Bryan Seegmiller, Northwestern
 

Textual Analysis of Short-seller Research Reports: Dissecting Fraud, Cash-Flow News, and Investors' Underreaction

Jules H. van Binsbergen1, Xiao Han2, Alejandro Lopez-Lira3

1: University of Pennsylvania; 2: University of London; 3: University of Florida

Track TH4-2: MacroFinance
Location: RRH 3.414
Chair: Mindy Xiaolan, UT Austin
Discussant: Chenzi Xu, Stanford
 

Central Bank Balance Sheets and the Macroeconomy, 1587-2020

Paul Schmelzing1,2, Moritz Schularick3,4, Niall Ferguson2, Martin Kornejew4

1: Boston College; 2: Hoover Institution, Stanford; 3: Sciences Po; 4: University Bonn

Track TH5-2: Small and Medium-Sized Enterprises (SME)
Location: RRH 4.314
Chair: Daniel Greenwald, NYU Stern
Discussant: Jakub Hajda, HEC Montreal
 

Getting the Banks on Board: Accounts Receivable Financing in the US

Jiaheng Yu

Massachusetts Institute of Technology

Track TH6-2: Cross-Sectional Asset (Mis)Pricing
Location: RRH 4.408
Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania
Discussant: Jincheng Tong, University of Toronto
 

R&D, Expected Profitability, and Expected Returns

Amit Goyal1, Sunil Wahal2

1: University of Lausanne; 2: Arizona State University

Track TH7-2: Market Structure
Location: RRH 4.416
Chair: Travis Johnson, The University of Texas at Austin
Discussant: Alexandros Vardoulakis, Federal Reserve Board of Governors
 

Less Is More

Bart Zhou Yueshen, Junyuan Zou

INSEAD

Track TH8-2: Financial Frictions
Location: RRH 5.402
Chair: John Griffin, McCombs School of Business
Chair: Sam Kruger, University of Texas at Austin
Discussant: Kimberly Cornaggia, Penn State
 

Gas, Guns, and Governments: Financial Costs of Anti-ESG Policies

Daniel Garrett1, Ivan Ivanov2

1: Wharton School, University of Pennsylvania; 2: FRB Chicago

Track TH9-2: International Asset Pricing
Location: RRH 5.408
Chair: Juliana Salomao, University of Minnesota
Discussant: Alexandre Reggi Pecora, University of Minnesota
 

Concealed Carry

Spencer Andrews1, Riccardo Colacito1, Mariano Massimiliano Croce2, Federico Gavazzoni3

1: UNC; 2: Bocconi; 3: BI Norwegian Business School

11:00am
-
11:15am
Break
11:15am
-
12:00pm
Track TH1-3: Climate and Health
Location: RRH 3.310
Chair: Doron Levit, University of Washington
Discussant: Ian Appel, Darden
 

Every emission you create–every dollar you’ll donate: The effect of regulation-induced pollution on corporate philanthropy

Seungho Choi1, Jonghyeon Park2, Simon Xu3

1: Queensland University of Technology; 2: University of Technology Sydney; 3: University of California at Berkeley

Track TH2-3: PE and M&A Markets
Location: RRH 3.402
Chair: Will Gornall, UBC Sauder School of Business
Discussant: Dan Luo, Chicago Booth
 

A Model of Informed Intermediation in the Market for Going Public

Aydogan Alti, Jonathan Cohn

University of Texas-Austin

Track TH3-3: Big Data, Short-Selling, and Trading
Location: RRH 3.406
Chair: Martin Lettau, UC Berkeley
Discussant: Amit Goyal, University of Lausanne
 

Risk Momentum: A New Class of Price Patterns

Sophia Zhengzi Li1, Peixuan Yuan2, Guofu Zhou3

1: Rutgers University; 2: Renmin University of China; 3: WUSTL

Track TH4-3: MacroFinance
Location: RRH 3.414
Chair: Mindy Xiaolan, UT Austin
Discussant: Pavel Zryumov, University of Rochester
 

Public Liquidity and Intermediated Liquidity

Ye Li

University of Washington

Track TH5-3: Small and Medium-Sized Enterprises (SME)
Location: RRH 4.314
Chair: Daniel Greenwald, NYU Stern
Discussant: Matteo Leombroni, Stanford
 

Asymmetric Information and Corporate Lending: Evidence from SME Bond Markets

Alessandra Iannamorelli1, Stefano Nobili1, Antonio Scalia1, Luana Zaccaria2

1: Bank of Italy; 2: EIEF

Track TH6-3: Cross-Sectional Asset (Mis)Pricing
Location: RRH 4.408
Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania
Discussant: Alexander Chinco, Baruch College
 

Causal Effect of Information Costs on Asset Pricing Anomalies

Yong Hyuck Kim1, Zoran Ivkovich2, Dmitriy Muravyev2

1: California State University Long Beach; 2: Michigan State University

Track TH7-3: Market Structure
Location: RRH 4.416
Chair: Travis Johnson, The University of Texas at Austin
Discussant: Kevin Crotty, Rice University
 

Tiny Trades, Big Questions: Fractional Shares

Robert Bartlett1, Justin Mccrary2, Maureen O'Hara3

1: University of California Berkeley; 2: Columbia University; 3: Cornell University

Track TH8-3: Financial Frictions
Location: RRH 5.402
Chair: John Griffin, McCombs School of Business
Chair: Sam Kruger, University of Texas at Austin
Discussant: Vladimir Mukharlyamov, Georgetown
 

Catering and Return Manipulation in Private Equity

Blake Jackson, David Ling, Andy Naranjo

University of Florida

Track TH9-3: International Asset Pricing
Location: RRH 5.408
Chair: Juliana Salomao, University of Minnesota
Discussant: Andreas Stathopoulos, UNC Kenan-Flagler Business School
 

Understanding the Strength of the Dollar

Zhengyang Jiang1, Robert Richmond2, Tony Zhang3

1: Northwestern Kellogg; 2: NYU Stern; 3: Federal Reserve Board

12:00pm
-
1:30pm
Lunch
Location: Zlotnik Ballroom
1:30pm
-
2:15pm
Track TH1-4: Climate and Health
Location: RRH 3.310
Chair: Doron Levit, University of Washington
Discussant: Ishita Sen, Harvard Business School
 

Imperfect Flood Insurance Enforcement and Business Misallocation

Xudong An1, Yongheng Deng2, Dayin Zhang2

1: Federal Reserve Bank of Philadelphia; 2: University of Wisconsin-Madison

Track TH2-4: PE and M&A Markets
Location: RRH 3.402
Chair: Will Gornall, UBC Sauder School of Business
Discussant: Simona Abis, Columbia
 

The Adoption of Artificial Intelligence by Venture Capitalists

Maxime Bonelli

HEC Paris

Track TH3-4: Big Data, Short-Selling, and Trading
Location: RRH 3.406
Chair: Martin Lettau, UC Berkeley
Discussant: Stavros Panageas, University of California Los Angeles
 

See it, Say it, Shorted: Strategic Announcements in Short-Selling Campaigns

Jane Chen

London School of Economics

Track TH4-4: MacroFinance
Location: RRH 3.414
Chair: Mindy Xiaolan, UT Austin
Discussant: Alexandre Corhay, Rotman
 

Can the Fed Control Inflation? Stock Market Implications

Daniel Andrei1, Michael Hasler2

1: McGill; 2: UT Dallas

Track TH5-4: Small and Medium-Sized Enterprises (SME)
Location: RRH 4.314
Chair: Daniel Greenwald, NYU Stern
Discussant: Sheisha Kulkarni, McIntire School of Commerce UVA
 

Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation

Xiang Li

Boston College

Track TH6-4: Cross-Sectional Asset (Mis)Pricing
Location: RRH 4.408
Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania
Discussant: Seth Pruitt, ASU
 

The Statistical Limit of Arbitrage

Rui Da1, Stefan Nagel2, Dacheng Xiu3

1: University of Chicago; 2: University of Chicago; 3: University of Chicago

Track TH7-4: Market Structure
Location: RRH 4.416
Chair: Travis Johnson, The University of Texas at Austin
Discussant: Parth Venkat, University of Alabama
 

Supply Chain Risk: Changes in Supplier Composition and Vertical Integration

Nuri Ersahin1, Mariassunta Giannetti2, Ruidi Huang3

1: Michigan State University; 2: Stockholm School of Economics; 3: Southern Methodist University

Track TH8-4: Financial Frictions
Location: RRH 5.402
Chair: John Griffin, McCombs School of Business
Chair: Sam Kruger, University of Texas at Austin
Discussant: Braden Mern Williams, University of Texas at Austin
 

Improving the Measurement of Tax Residence: Implications for Research on Corporate Taxation

Jean-Marie Meier, Jake Smith

University of Texas at Dallas

Track TH9-4: International Asset Pricing
Location: RRH 5.408
Chair: Juliana Salomao, University of Minnesota
Discussant: Haonan Zhou, Princeton University
 

Internationalizing Like China

Christopher Clayton1, Amanda Dos Santos2, Matteo Maggiori3, Jesse Schreger2

1: Yale University; 2: Columbia University; 3: Stanford University

2:15pm
-
2:35pm
Break
2:35pm
-
3:20pm
Track TH1-5: Climate and Health
Location: RRH 3.310
Chair: Doron Levit, University of Washington
Discussant: Michael Gelman, University of Delaware
 

"There is No Planet B", but for Banks "There are Countries B to Z": Domestic Climate Policy and Cross-Border Lending

Emanuela Benincasa1,3, Gazi Kabas2, Steven Ongena1,3

1: University of Zurich; 2: Tilburg University; 3: Swiss Finance Institute

Track TH2-5: PE and M&A Markets
Location: RRH 3.402
Chair: Will Gornall, UBC Sauder School of Business
Discussant: Zhe Wang, Pennsylvania State University
 

The Evolution of the Market for Corporate Control

Mike Burkart1, Samuel Lee2, Paul Voss3

1: London School of Economics & Political Science; 2: Santa Clara University; 3: Central European University

Track TH3-5: Big Data, Short-Selling, and Trading
Location: RRH 3.406
Chair: Martin Lettau, UC Berkeley
Discussant: Simona Abis, Columbia
 

Expert Network Calls

Shaojun Zhang1, Sean Cao2, Clifton Green3, Lijun Lei4

1: Ohio State University; 2: University of Maaryland; 3: Emory University; 4: University of North Carolina, Greensboro

Track TH4-5: MacroFinance
Location: RRH 3.414
Chair: Mindy Xiaolan, UT Austin
Discussant: Wenhao Li, University of Southern California
 

Stop Believing in Reserves

Sriya Anbil, Alyssa Anderson, Ethan Cohen, Romina Ruprecht

Federal Reserve Board

Track TH5-5: Small and Medium-Sized Enterprises (SME)
Location: RRH 4.314
Chair: Daniel Greenwald, NYU Stern
Discussant: Pradeep Muthukrishnan, Tulane University
 

Too Many Managers: Strategic Use of Titles to Avoid Overtime Payments

Lauren Cohen1, Umit Gurun2, N. Bugra Ozel2

1: Harvard University; 2: University of Texas at Dallas

Track TH6-5: Cross-Sectional Asset (Mis)Pricing
Location: RRH 4.408
Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania
Discussant: Kent Daniel, Columbia Business School
 

Anomalies and Their Short-Sale Costs

Dmitriy Muravyev1, Neil D. Pearson2, Joshua M. Pollet2

1: Michigan State University; 2: University of Illinois at Urbana-Champaign

Track TH7-5: Market Structure
Location: RRH 4.416
Chair: Travis Johnson, The University of Texas at Austin
Discussant: Kristy Jansen, USC Marshall
 

The Value of Arbitrage

Eduardo Davila2, Daniel Graves2, Cecilia Parlatore1

1: New York University; 2: Yale University

Track TH8-5: Financial Frictions
Location: RRH 5.402
Chair: John Griffin, McCombs School of Business
Chair: Sam Kruger, University of Texas at Austin
Discussant: Jess Cornaggia, Penn State University
 

Borrowing choices of local governments and the term structure of interest rates

Davide Avino1, Dennis De Widt2

1: University of Liverpool; 2: Cardiff University

Track TH9-5: International Asset Pricing
Location: RRH 5.408
Chair: Juliana Salomao, University of Minnesota
Discussant: Leslie Shen, Federal Reserve Bank of Boston
 

Can Time-Varying Currency Risk Hedging Explain Exchange Rates?

Leonie Braeuer1,2, Harald Hau1,2,3

1: University of Geneva; 2: Swiss Finance Institute; 3: CEPR


 
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